09:37     SKYNET(INTL GP)<00577> & PAUL Y-ITC<00498> - J.Ann. (4)             

    CHANGE OF COMPANY NAME                                                    
    The Board is pleased to announce that following the                       
    passing of the special resolution to approve the                          
    change of the English name of Paul Y Engineering from                     
    "Skynet (International Group) Holdings Limited" to                        
    "Paul Y. Engineering Group Limited" and the adoption                      
    of the new Chinese name of "*" for                                        
    identification purpose by the Shareholders at the SGM                     
    and completion of the Acquisition Agreement, Paul Y                       
    Engineering received the certificate of incorporation                     
    on change of name issued by the Registrar of Companies                    
    of Bermuda on 21st January, 2005. In accordance with                      
    such certificate, the change of the English name of                       
    Paul Y Engineering became effective on 18th January,                      
    2005 with the adoption of the new Chinese name "*"                        
    in place of the previous Chinese name                                     
    "*" for identification purpose.                                           
    Paul Y Engineering is in the process of performing the                    
    necessary filing procedures in Hong Kong.                                 
                                                                              
    All existing share certificates in issue bearing the                      
    name "Skynet (International Group) Holdings Limited"                      
    will continue to be evidence of title to the shares                       
    of Paul Y Engineering and are valid for trading,                          
    settlement and registration purposes. Any new share                       
    certificates will be issued in the new name after 21st                    
    January, 2005. Free exchange service of light grey                        
    share certificates for the Old Shares (as defined                         
    below) and light green share certificates for                             
    Consolidated Shares (both under old name) to be                           
    exchanged for new orange share certificates for                           
    Consolidated Shares under new name will be provided                       
    to Shareholders until 1st March, 2005.                                    
                                                                              
    Further announcement will be made regarding the change                    
    of the stock short name for trading in the shares of                      
    Paul Y Engineering on the Stock Exchange.                                 
                                                                              
    CHANGE IN BOARD LOT SIZE                                                  
    On 3rd September, 2004, the Board announced that it                       
    proposed to change the board lot for trading in the                       
    shares of Paul Y Engineering from 5,000 shares of                         
    HK$0.02 (the "Old Shares") (before the Capital                            
    Reorganisation taking effect) to 2,000 Consolidated                       
    Shares upon the Capital Reorganisation becoming                           
    effective.                                                                
                                                                              
    It is expected that the board lot for trading in the                      
    Consolidated Shares will be changed to 2,000                              
    Consolidated Shares with effect on 27th January, 2005.                    
                                                                              
    TRADING ARRANGEMENTS                                                      
    Set out below is an indicative timetable for                              
    resumption of trading in the Consolidated Shares, the                     
    associated trading arrangements for the Capital                           
    Reorganisation and the change of board lot size.                          
    Shareholders will be informed of any changes to the                       
    expected timetable by press notice:                                       
                                                                              
    2005                                                                      
                                                                              
    First day of free exchange of existing light grey share                   
    certificates (for the Old Shares under old name) for                      
    light green share certificates (for Consolidated                          
    Shares under old name)   Wednesday, 5th January                           
                                                                              
    Change of company name became effective   Tuesday,                        
    18th January                                                              
                                                                              
    First day of free exchange of existing light grey share                   
    certificates or light green share certificates (both                      
    under old name) for new orange share certificates                         
    under new name   Monday, 24th January                                     
                                                                              
    Completion of Placing   Tuesday, 25th January                             
                                                                              
    Publication of resumption announcement (together with                     
    announcement of completion of the Placing)   Thursday,                    
    27th January                                                              
                                                                              
    Trading in the shares of Paul Y Engineering resumes                       
    9:30 a.m. on Thursday, 27th January                                       
                                                                              
    Change of board lot from 5,000 shares to 2,000                            
    Consolidated Shares becomes effective   Thursday,                         
    27th January